Rents are right about where Minnetonka's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,822 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Minnetonka usually run 1.5% below trend in January and 1.1% above it in July, about $47 a month apart at today's median. Based on 7 years of data.
Rent in Minnetonka is at its highest level since Zillow's records here began in January 2019.
Rent in Minnetonka changed +4.4% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
From 2019 to 2024, rent in Minnetonka rose 19.6% while median household income rose 25% ($95,630 to $119,517). Income kept ahead of rent.
Rent in Minnetonka is 26.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 6 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($119,517) is $2,988 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,980).
Hopkins, 2 miles away, rents for 11% less ($1,617/mo), about $2,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Minnetonka. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Is your rent fair?
Compare your rent to the local median.
Who lives here
Minnetonka, MN is majority owner-occupied, has a large retiree population, has a median income above the national average, 65% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Minnetonka, MN has changed in 5 years
The median rent in Minnetonka, MN stood at $1,479 in 2021 and currently runs about $1,822, reflecting a 23.2% increase over the period. Median household income rose from $106,023 to $119,517 between 2021 and 2024, a 12.7% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 1.4% since 2021, moving from about 53,809 residents to roughly 53,064. College-educated residents now make up 65% of adults here, versus 61.3% in 2021. Taken together, the five-year picture in Minnetonka, MN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
Discussions about Minnetonka
No discussions yet. Start the conversation.
Can you afford rent in Minnetonka on your salary?
At $1,822/mo, how Minnetonka rent compares to typical pay (30% rule).
Minnetonka rent by bedroom count
Median rent for each apartment size in Minnetonka. Click any size for full breakdown.
Tips for renters in Minnetonka
Last updated: October 17, 2026
The median rent in Minnetonka is $1,822/mo as of October 2026. A studio apartment averages $1,450/mo while a 2-bedroom runs $2,000/mo. One-bedroom apartments average $1,640/mo and 3-bedroom units go for $2,665/mo.
At 18% of local median household income ($119,517/yr), Minnetonka ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.4% over the past year.
Frequently asked questions
How much income do you need to rent in Minnetonka?
Is rent going up or down in Minnetonka?
When is the cheapest time to rent in Minnetonka?
Has rent outpaced income in Minnetonka?
Which Minnetonka neighborhoods have the lowest rent?
How does Minnetonka rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Minnetonka?
At $1,822/mo, rent takes ~18% of Minnetonka's median household income ($119,517/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Estimated from ZIP-level data
Be the first to submit your rent for Minnetonka.
No discussions yet.